U.S. stock futures are down sharply this morning, as volatility continues to dominate Wall Street. The cause for this morning’s drop, once again, is President Donald Trump. Last night, Trump said he was considering another $100 billion in tariffs on Chinese imports. Such a move would triple the number of imports facing levies.

Trump’s comments took Wall Street’s focus off key economic data slated for release today, though at least one probably grabbed back a lot of attention. First, U.S. March jobs data arrived at 103,000, well below expectations of 185,000. Second, Federal Reserve Chairman Jerome Powell will speak to the Economic Club of Chicago at 1:30 p.m.

Against this backdrop, Dow Jones Industrial Average futures are down 0.92%, S&P 500 futures have added fallen 0.83% and Nasdaq-100 futures are lower by 1.04%.

Turning to the options pits, volume remained below average on Thursday. Overall, about 16.9 million calls and 14.1 million puts changed hands on Tuesday. The CBOE single-session equity put/call volume ratio dropped to 0.61. The 10-day moving average held at 0.68.

Thursday’s options activity was heavily dominated by semiconductor stocks. Analysts at UBS, Stifel and Morgan Stanley all weighed in yesterday. Most notably, Micron Technology, Inc. (NASDAQ:MU) was surprisingly heavy with call options despite a “sell” initiation.

Meanwhile, Nvidia Corporation (NASDAQ:NVDA) call options lost ground on a bearish Citron Research tweet. Finally, Advanced Micro Devices, Inc. (NASDAQ:AMD) call options gained momentum after a Stifel upgrade to “buy.”

Micron Technology, Inc. (MU)

Micron stock has fully given over to the “run” phase of the bump-and-run formation I warned about back on March 16. The company’s business model remains solid, but the market hype surrounding MU stock has proven to be too much for the shares to bear. As a result, analysts are beginning to turn a pessimistic eye toward MU stock.

Yesterday, UBS initiated MU with a “sell” rating and a $35 price target. That’s another 29% downside from yesterday’s close. According to the ratings firm, the cyclical boom in semiconductors may be coming to an end. UBS did say that there is a longer-term growth pattern that should support the sector for a while, however.

MU stock options traders refused to give in to the growing bearish sentiment. Volume on Thursday rose to 460,000 contracts, with calls gobbling up 67% of the day’s take.

What’s more, MU options traders remain considerably short-term bullish on the shares. Currently, the April put/call open interest ratio arrives at 0.59, with calls nearly doubling puts among front-month options. It may be a while before bullish sentiment breaks, and MU stock can move meaningfully higher once again.

Nvidia Corporation (NVDA)

Nvidia stock was smacked lower yesterday after infamous short-seller Citron Research panned the stock in a tweet. According to Citron, NVDA stock will fall below $200 soon as “hyperscale customers” experiment with new hardware.

Additionally, Morgan Stanley expressed concern about rising Chinese competition. Specifically, Bitmain Technologies has unveiled a custom chip for mining cryptocurrencies which could undercut Nvidia’s own crypto mining chip.

NVDA stock options traders felt the pinch yesterday, driving down total call volume on the stock. Overall, 175,000 contracts changed hands on NVDA, but calls only managed 56% of the day’s take — well below average.

Signs of a short-term sentiment shift on NVDA are emerging in the stock’s options backdrop. The April put/call OI ratio has trended higher in the past week and now arrives at 0.84 — placing puts just shy of parity with calls. Look for this situation to degrade further as NVDA falls toward key support near $200.

Advanced Micro Devices, Inc. (AMD)

Advanced Micro Devices weathered the chip storm yesterday rather well. UBS initiated the shares with a “hold” and $11 price target, while Stifel upgraded AMD to “buy” from “hold.” Stifel’s report was notable for its focus on AMD’s Epyc server business and downplaying of cryptocurrency on the bottom line.

“AMD estimates that crypto-currency based revenue accounted for a mid-single digit percentage of total FY2017 revenue,” Stifel noted.

AMD options traders showed interest in calls following the slew of reports. These typically bullish bets made up 62% of yesterday’s take. However, the 154,000 contracts traded on AMD was less than half what the stock sees on an average day.

In short, while there is a growing bullish contingent on AMD, they are still in the minority. This leaves AMD stock subject to increased volatility, as evidenced by the shares’ recent whipsaw trading activity.

As of this writing, Joseph Hargett was long on Advanced Micro Devices, Inc. (AMD).